Coherent vs TTM Technologies
Coherent is the larger business, with $7.12bn of revenue in fiscal 2026 against $2.91bn for TTM Technologies (2.4 times as much). Coherent grew faster (22.5% against 19.0%). Coherent kept more of each dollar of sales as profit: a net margin of 11.3% against 6.1%. Coherent carries less debt relative to equity (29.9% against 52.4%).
| Latest fiscal year | CoherentCOHR, 2026 | TTM TechnologiesTTMI, 2025 |
|---|---|---|
| Revenue | $7.12bn | $2.91bn |
| Revenue growth | 22.5% | 19.0% |
| Net income | $805m | $177m |
| Operating margin | — | 9.1% |
| Net margin | 11.3% | 6.1% |
| Return on equity | 9.7% | 10.7% |
| Free cash flow | −$1.02bn | −$683,000 |
| Cash | $1.16bn | $501m |
| Total debt | $3.26bn | $924m |
| Debt to equity | 29.9% | 52.4% |
| Dividend per share | — | — |
| Dividend yield | 0.0% | — |
| Share buybacks | — | $17.9m |
| Employees | 51,000 | 18,200 |
| Market value | $41.73bn | $8.66bn |
| Price vs our value range | — | Above our value range |
| Moat score | 37 (Weak) | 44 (Weak) |
| Insider trades, 12 months | 0 buys, 37 sales | 2 buys, 255 sales |